Customary Servicing Procedures. Procedures (including collection procedures) that the Servicer customarily employs and exercises in servicing and administering mortgage loans for its own account and arranging for the sale and Securitization of mortgage loans and which are in accordance with accepted mortgage servicing practices of prudent lending institutions in the jurisdiction in which the Mortgaged Property is situated for properties of a similar type.
Appears in 2 contracts
Sources: Mortgage Loan Purchase and Servicing Agreement (PHH Corp), Mortgage Loan Purchase and Servicing Agreement (PHH Corp)